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How can I account for digital assets in my estate plan?

On Behalf of | Aug 28, 2019 | Estate Planning |

It is important when estate planning in California that you include all of your assets. This means even your digital ones, such as digital currencies or cryptocurrencies. In addition, you may have assets that include photo albums online as well. You have to account for what happens with these digital assets in your estate plan to ensure they are not left floating around without an owner after your death.

Forbes explains that because these assets exist only in the digital world, they can be difficult to find if you do not list them in your estate plan. Also, there are issues with accessing digital assets and accounts that you might not have with physical assets.

It is smart to become familiar with the Revised Uniform Fiduciary Access to Digital Asset Act, which dictates access to your assets after your death. You must also understand the terms of service agreement you sign with any digital agent as that also affects access to your account after your death.

Of course, the easiest way to bypass all the red tape and ensure things go as you want them to is to have a solid estate plan accounting for your digital assets. Set up beneficiaries and provide access to them so they will be able to get to your assets upon your death.

Do keep in mind, though, some assets are not transferrable when you die. This includes media libraries, such as your iTunes account. There is no way around these limitations, so you need to know the terms and conditions for all your digital accounts. This information is for education and is not legal advice.



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